Thoroughbred Financial Services LLC Sells 849 Shares of State Street Corporation $STT

Thoroughbred Financial Services LLC lessened its holdings in State Street Corporation (NYSE:STT) by 29.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,075 shares of the asset manager’s stock after selling 849 shares during the period. Thoroughbred Financial Services LLC’s holdings in State Street were worth $220,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of STT. Creative Planning raised its stake in State Street by 54.6% in the second quarter. Creative Planning now owns 31,687 shares of the asset manager’s stock worth $3,370,000 after buying an additional 11,186 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of State Street by 19.9% in the 2nd quarter. SG Americas Securities LLC now owns 122,238 shares of the asset manager’s stock valued at $12,999,000 after acquiring an additional 20,273 shares during the period. OmniStar Financial Group Inc. raised its position in shares of State Street by 6.3% in the 2nd quarter. OmniStar Financial Group Inc. now owns 6,666 shares of the asset manager’s stock worth $709,000 after acquiring an additional 397 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of State Street by 6.0% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 69,942 shares of the asset manager’s stock worth $7,438,000 after purchasing an additional 3,973 shares during the last quarter. Finally, L & S Advisors Inc boosted its position in State Street by 60.6% during the second quarter. L & S Advisors Inc now owns 77,766 shares of the asset manager’s stock valued at $8,270,000 after purchasing an additional 29,329 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on STT. Truist Financial reduced their target price on shares of State Street from $133.00 to $131.00 and set a “buy” rating for the company in a report on Monday, October 20th. TD Cowen assumed coverage on shares of State Street in a research note on Thursday, September 25th. They set a “buy” rating for the company. Cowen restated a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. The Goldman Sachs Group upped their price target on State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, Evercore ISI raised their price objective on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $125.92.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

State Street Price Performance

NYSE STT opened at $113.30 on Wednesday. The company has a market cap of $31.65 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 1.24 and a beta of 1.47. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. The stock’s fifty day moving average price is $115.14 and its 200 day moving average price is $108.68. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $122.69.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the business earned $2.26 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.